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Realtors Are Well-equipped for Market Challenges

Don’t fret much if you plan to buy or sell a residence these days amidst the challenges arising from the Covid-19 pandemic. Many realtors, like our Judy Kepecz-Hays team, are well-equipped and prepared to surmount the difficulties that the world economy is currently facing.

There may even be a silver lining to the present situation, especially for prospective sellers, when many people have to stay at home. Aspiring buyers would have more time to spend browsing online for the property market listing that suits their needs and preferences.

Significantly, the Internet has taken a dominant role in real estate marketing. In an industry study conducted by the National Realtors Association (NAR) and Google, it was shown that 90 percent of residential property buyers searched online during their buying process. The percentage rises to 93 percent for vacation home shoppers, and notably, Florida leads other U.S. states in Google searches of these residential types.

Virtual Tours Deliver

Content-wise, virtual tours and videos are the weighty elements in residential searches, particularly for those scouting for new houses purchase. More than half of respondents in a NAR survey indicated that they first want to see virtual home presentations online before deciding to check out the property in person. Besides the NAR, two industry groups noted in their separate surveys the significant impact of virtual tours on residential property buyers. Here are the findings of these groups:

  • – listed residences with a virtual tour draw 87 percent more views than those without or with just plain pictures
  • – virtual tours engage 40 percent more online viewers, making a listing more saleable.

These findings validate just how vital virtual tours are to the decision-making process of residential buyers before they proceed further to a purchase decision. For this reason, virtual tours are part of our team’s typical luxury property presentations online. One great example of these superbly presented residences is our high-end listing in Lido Beach that comes out truly impressive with its 360-degree, bird’s-eye view photography.

Moreover, we can generate wider access to property sellers. All of our listings are not only featured on the Judy Kepecz-Hays team’s website. Our market entries also have their own page on the website of Coldwell Banker, the real estate franchise to which we are affiliated.

Social Media’s Marketing Muscle

Another marketing platform that we rely on is social media which provide an added online exposure that could help the real estate market go over the hump of Covid-19. Our team actively maintains business pages on Facebook and LinkedIn where we can further promote our sales listings. Our pitches in these social media platforms include not only include property descriptions and pictures but also videos and property tour schedules. Our clients can reach us quickly too via the tools available in these online channels, and we can respond to them as fast.

So much could indeed be done to keep the real estate market stable despite the trying times worldwide. Rest assured that our Judy Kepecz-Hays team is steadfast and well-equipped in providing service to current and future clients. We join everyone in the hope and prayer that all of us stay safe and in good health, and that soon everything shall be back to normal.

Real Estate Resilient amid Challenges

From where we stand, it’s gladdening to note that the local real estate business appears exhibiting some strength and resiliency amid the Covid-19 pandemic. Our Judy Kepecz-Hays team notably has a pending condo sale at L’Elegance, as well as a new listing at the Lido Regency.

We expect just limited interruption on providing services to these accounts and to our other clients, even as Florida Governor Ron DeSantis ordered a state-wide lockdown April 1–30 because of the pandemic.

Pronounced as Essential Service

Significantly, the governor’s order included residential and commercial real estate in the essential services excluded from the lockdown. Settlement services for real estate deals have been considered as essential as well.

In March, Florida’s realtors, including the professionals’ association in Sarasota and Manatee, proactively advocated for real estate services to be declared as essential and should stay open if a lockdown is adopted.

The state’s realtors’ association also lobbied with government officials to ensure that government services essential to real estate transactions, such as recording by the Country Clerks, remain open. Residential buyers and sellers can sign digital contracts through the help of their respective agents in a video conference. In Sarasota and Manatee counties, e-recording and e-filing services enable real estate agents to submit pertinent documents online or via electronic platforms.

Professional services necessary in real estate sales, like accounting and legal services, are also considered as essential under state-wide lockdown guidelines. Beneficial for residential sellers who want to spruce up their sales listing, contractors and other tradesmen likewise count among those whose services are considered as essential.

These service providers include appliance repairmen, pest exterminators, landscapers, and pool care specialists. They were included because their services have been considered as necessary to maintain the sanitation, safety, and essential operation of residences and other structures. Hardware stores, along with supermarkets, have also been allowed to remain open during the state lockdown.

More Diligent Moves

Justifying its plea for real estate services to be considered essential, the Real Estate Association of Sarasota and Manatee (RASM) said that real estate transactions should not be halted because “our economy needs as much activity as it can get.”

“The purchase of a home or building is likely one of the largest financial transactions individuals and companies undertake,” RASM added.

With this in mind, it is now urgent and challenging to fulfill certain requirements and to meet deadlines to close real estate deals. Real estate agents now have to be extra diligent, while at the same time adhering to all CDC Covid-19 safety guidelines in their day-to-day client servicing.

The mortgage loan process, in particular, is one area that now requires more attention. After all, this involves accomplishing documents and securing deadline-driven approvals from various public and private entities.

In a bid to help address mortgage loan concerns brought about by the recent lockdowns, the National Association of Realtors (NAR) has come up with frequently asked questions (FAQs) useful for homebuyers. Our Judy Kepecz-Hays team could offer more to help buyers as well as sellers to navigate the current nuances of the property market. E-mail or call us to set a sale going just like in pre-Covid-19 days.

Multi-use Trail and Bikes for Improved Mobility

Expect traffic in and out of Sarasota’s barrier islands—St. Armands, Lido and Longboat—to ease up a bit later this year. By that time, work would have been completed on the new Coon Key Multi-Use Recreational Trail (MURT).

This project was started in early February, and it is expected to be completed in about 10 months. The property owners who stand to benefit most from the MURT are those in the condominium complex Sarasota Harbour East and West. The new trail is being built on the south side of John Ringling Boulevard just across this condo development. The residents of Birdy Key just east of Coon Key also enjoy proximity to the MURT.

Designed as a 10-foot-wide path, this trail will not only provide pedestrians and cyclists a safer way from downtown Sarasota to the barrier islands. Ultimately, the MURT will also help reduce the volume of vehicles along this route, according to Sarasota’s City Manager Tom Barwin.

The city is implementing the MURT project in partnership with the Florida Department of Transportation (FDOT). A total of $1.89 million is being spent for it, including a grant of $830,000 from the FDOT.

Citywide bike infrastructure

Other recent initiatives perfectly jibe with the MURT project, In January, the city launched at the St. Armands Circle parking garage a pilot bike rental program. This self-service facility is available through a phone app. It offers options on a two-hour bike rental for $10, five hours’ use for $15, and 48 hours for $25. This scheme is likewise set for adoption in the downtown area and other parts of Sarasota.

City officials are also planning to install more bicycle racks around St. Armands Circle where currently there is only one. Nine locations in the area have already identified to allow bike parking for more than 70 bikes. Besides the racks, adding bike lane markings are being considered on some streets near the Circle to make motorists aware that they are sharing the road with cyclists.

More Solutions Coming

Notably, the town of Longboat Key has been actively working with the city of Sarasota and FDOT in addressing the traffic problem to and from the barrier islands. One measure being considered is putting up crossing guards on crosswalks at St. Armands Circle for better traffic flow and enhancing pedestrian safety. These installations will be located on John Ringling Boulevard leading onward the Circle and on North Boulevard of the Presidents heading toward Longboat Key.

A water taxi service connecting St. Armands Circle and Ken Thompson Park on the mainland is another suggested solution to help address the local traffic problem, especially during peak tourist season.

These measures are among the 70 or so short- and long-term solutions identified in a barrier island traffic study by the FDOT and the Sarasota-Manatee Metropolitan Planning Organization. More proposals from the study are set to be revealed soon, and our Judy Kepecz-Hays team shall keep all our clients informed on further developments. So contact us if you’re planning to buy or sell a Sarasota residence. The improvement of mobility in Sarasota and her islands surely is one of the weighty factors now worth watching in our market.

Real Estate Rebound Seen Coming Sooner than Later

Some semblance of normalcy is slowly returning in the Sarasota area. Restaurants, beaches and retail shops have reopened though with some restrictions due to the lingering effects of Covid-19.

As encouraging, there are some signs and sentiments too that the difficulties in our real estate market will soon ease. Our Judy Kepecz-Hays team shares much of this optimism, as we recently notched two pending condo sales in Lido Key.

Covid-19 may even have brought a silver lining to the market in accelerating the real estate agents’ shift to doing business with clients more on a virtual basis. This, in turn, has made transactions moving forward faster.

Wellspring of Strength

A source of strength for the local property market can also be drawn from the 2020 theme “together we win” of Realtor Association of Sarasota and Manatee (RASM). Set by RASM president David Clapp, this stand, adopted even before the pandemic’s outbreak in the U.S, is certainly a morale booster for RASM’s 7,000 members. Expect the delivery of our services shall remain sharply focused on excellence.

Many in the real estate business, including our Judy Kepecz-Hays team, are one with the expectation of the RASM president that the impact of Covid-19 on the property market would only be for the short-term. Already, there are signs that the local market is gradually bouncing back.

A significant number of transactions, including our team’s two pending sales, are still proceeding. Activity on the market has picked up in recent weeks, which includes a notable increase in new sales listings.

Sound Market Fundamentals

Experience gained from the housing downturn during the Great Recession also indicates a quicker turnaround, according to the RASM president. He noted that the current fundamentals are so different from those that housing collapse that triggered the Great Recession.

The real estate industry then had an oversupply of homes, as developers overbuilt their inventories. The mortgage industry was also overextended and weak at that time because of sub-prime lending.

As a result of this experience, mortgage standards are now stricter. Lenders are also currently in relatively in better shape, and the economic impact now isn’t directly related to real estate problems. As the economy continues to reopen, a significant demand for real estate could be expected.

Before the Covid-19 pandemic, newly built homes are in short supply, and inventory of resale residences are low as well. With this low-supply scenario, we can expect an upsurge in demand once the uncertainties of Covid-19 are finally lifted.

The pandemic hitting hard on crowded cities may also encourage buying shift to the less densely populated areas like Sarasota and Manatee counties. Besides this local appeal, the current low mortgage rates are also likely to bring more home buyers to the market, and thereby further strengthen demand for local residential properties.

This time when the market bids to regain its strength can be a perfect opportunity for sellers to engage the market. Our Judy Kepecz-Hays team is also ready to assist prospective buyers, using our wide industry network and up-to-date marketing technologies. We can easily connect with you online whether you’re selling or buying a residential property.

Sellers Continue Engaging the Property Market as Programs Ramp Up vs. Covid-19

Fewer residences were listed on the real estate market in Sarasota and Manatee counties in March, due to the challenges of the Covid-19. This decline in new listings, however, is no cause for any immediate concern.

Our two-county market showed its fundamental strength in the higher sales and price gains posted during March.

Real estate agents sold in March a total of 2,249 residences in Sarasota and Manatee, up 31.5 percent from February.

Across-the-board Gains

Breaking it down, March condo sales in Sarasota rose by 15.5 percent to 454 residences. Single family houses sold in the county during the month rose by 7.2 percent to 834 dwellings.

In Manatee County, 303 condos were sold in March, up 9.8 percent, while the 658 single family houses sold during the month represented a 4.6 increase from a year earlier.

Gains in median sale prices continued in March rise across the two counties. In Manatee, the median price for single-family residences was up by 2.4 percent to $319,500. A 10.5 percent rise to $315,000 was posted for these residential types in Sarasota.

Condo prices rose by 5.7 percent to $215,000 in Manatee, while Sarasota median condo prices advanced 7.5 percent to $245,000.

Sellers Assert Presence

Sellers’ presence in Sarasota and Manatee, albeit diminished, indicated that the local real estate market could endure the economic difficulties brought by Covid-19. Despite the pandemic, 915 single family houses were listed in Sarasota in March, down 11.4 percent from a year earlier. There were 731 new listings in March for these residential types in Manatee, just 3.3 percent lower from last year.

For condos, 291 new listings were recorded in Manatee, down by 5.2 percent. Sarasota added 473 new sales listings of condos, just 1 percent below last year.

We could expect new listings of residences to be added, as the real estate market cope and eventually come out of the pandemic. Hopes that the market could endure the difficulties of Covid19 could be pinned on the various government programs to meet the economic challenges of the Covid-19 pandemic.

One of the measures is the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest stimulus bill in history. Its programs are intended to help not only business owners but also individuals. Aid to state and local governments, as well as preserving jobs, are also covered in the CARES Act.

Federal and Local Remedies

The CARES Act includes a Paycheck Protection Program for those whose employment has been disrupted by Covid-19. The federal government has also adopted the SBA Economic Injury Disaster Loan and SBDC Bridge Loan to help businesses overcome difficulties of the pandemic.

In Sarasota, a Small Business Resiliency Loan program has been created to provide county businesses with immediate, short-term relief. Amounting to $4.3 million, this program is a partnership of Sarasota County and the Economic Development Corp. of Sarasota County. It will provide low-interest loans to small businesses adversely affected by the pandemic.

With these Covid-19 alleviation programs in place, the economy on the national and local levels have the platforms to successfully navigate the challenges of the pandemic. As we continue to take measures to stay safe, our Judy Kepecz-Hays team remains committed to providing the best services possible to our clients.

Luxury Real Estate Looks Poised to Lead Market Rebound

Economic activities in Florida started humming anew moving onward this May. Malls, restaurants, and beaches have reopened in Sarasota, although generally under the new norm of “social distancing” foisted to us by Covid-19. The good thing also is that this early, the spearhead of a real estate market uptrend looms apparent in the Sarasota luxury segment.

Despite the widely foreseen global economic downturn resulting from the Covid-19 pandemic, the high-end residential property market so far has shown remarkable strength. Amidst the pandemic’s jitters in March, sales rose nearly 19 percent for Sarasota residences priced from $1 million and over.

The median time to contract for luxury residential sales moved faster at 34 days. This timeframe represents a 60 percent cut compared with March last year. It further indicates that the home selling process in Sarasota remains running smoothly, even with the imposed remote work circumstances of the public and private sectors because of Covid-19.

Sellers Are Optimistic

Sellers in the luxury segment seem unfazed in March, as new listings during the month rose 8.5 percent for Sarasota single family residences priced from $1million and up. This gain is in sharp contrast with the 11.4 percent decline overall in new listings for March.

Despite this general decline, there are early indications that the market is starting to shake off the initial shock from Covid-19. In late April, market observers noted a rebound in the number of prospective residential buyers visiting sales-listed properties either in person or virtually. In some instances, too, residences were sold without the buyers even stepping into a realtor’s office, with deals set remotely.

Hopes for a quick market turnaround from the pandemic’s difficulties can also be gleaned from an apparent pickup in buying demand in April. One recent report indicates that pending sales in the Sarasota residential market during the first two weeks of the month were up 69 percent. This pickup is rather remarkable, considering that the Sarasota market’s pending sales in March showed a sharp drop of 32.5 percent.

Market Drivers Firmly in Place

The April surge in pending sales could be attributed partly to record-low mortgage rates. As of the first week of May, the 30-year, fixed-rate loan of the Mortgage Bankers Association was pegged at 3.45 percent. In mid-April, Freddie Mac saw the rate slipping to 3.31 percent, which is “practically free money,” according to one loan broker.

Despite the adversities of Covid-19, Sarasota also hasn’t lost its luster as a destination for home buyers. Some market observers even mused that Sarasota is the best place to be quarantined.

It is also significant to note that measured steps are being taken as Sarasota starts to reopen its businesses and public places. The new norm of social distancing, for example, is being strictly enforced in shopping malls, beaches, and parks. Phased activation is also set for sports facilities like tennis and pickleball courts.

On healthcare, Sarasota enjoys high-quality medical services from the award-winning Sarasota Memorial Hospital (SMH). Notably, SMH has recently set up telemedicine across all levels of its healthcare services, thereby helping the communities it serve to cope with all the rigors of the Covid-19 pandemic.

Property Listings Are Selling Fast

Our Judy Kepecz-Hays team could feel the vibrant path that the local real estate market is tracking just barely two months in 2020. Moving into mid-February, our team has already notched five pending sales.

What’s even more remarkable, three of our pending sales are priced over the $1 million level. This roster of ours demonstrates the sustained vitality of the luxury real estate market that we’ve seen toward the end of 2019. Sales of residences priced at over $1 million in Sarasota saw sustained gains during the fourth quarter last year, statistics compiled by the Realtors Association of Sarasota and Manatee (RASM) indicate.

4Q 2019 Sarasota Sales of Residences Priced Over $1M

Month Total Year-on-Year Gain
December 37 19.4%
November 23 9.5%
October 27 58.8%

The consecutive three-month sales increase, as shown in the table above, indicate market confidence of wealthy house hunters which has been observed throughout the U.S. at the latter months of 2019. Real estate analysts attributed this buoyant mood to a decline in U.S. mortgage rates and stronger global economic indicators.

In our Sarasota market, buyers’ enthusiasm on luxury residences is evident in the significant decline in the median time to contract in December. During the month, the number of days between the market listing and eventual sales closing of a high-end single family house in Sarasota dropped 48.1 percent to 67 days compared with a year earlier. Sarasota luxury condos’ median time to contract dropped as well, with a 65.9 percent to 43 days.

Tailwinds for Luxury Sales

Opportunities on value-for-money purchases appear prodding upscale residential buyers to move in quicker on available luxury residential properties in Sarasota. Recent industry reports indicate that the price appreciation in this local market segment has been milder, in contrast with the steep rise in other U.S. urban centers.

Relatively limited choices on upscale listings and competition among prospective buyers also help bring about faster turnover of available residences for sale. Last December, the stock of single family houses with price tags of over $1 million was down 3.2 percent, as new listings failed to keep up with residences that went off-market during the month.

Overall supply was tight on the Sarasota real estate market, RASM December figures show. During the month, the inventory of single family houses in the county decreased by 11.4 percent and that for condos by 31.5 percent.

Measured in terms of months’ supply, Sarasota is in a sellers’ market territory for both residential types. The stock of single family houses in the county stood at 3.7 months’ supply and that for condos at 3.9 months. Both are notably well below the 5.5-month equilibrium wherein neither seller nor buyer has an edge in pricing.

This supply scenario is reason enough for prospective sellers of residential properties in Sarasota to be optimistic about engaging the market now. Doing so, however, needs to consider other factors, such as the right marketing approach, in order to draw top dollars to a sales listing. Contact our Judy Kepecz-Hays team to maximize your chances of getting the best offer or the best purchase choice. Clients are our priority, whether they want to buy or sell.

Legacy Trail Has More Charms to Give

Sarasota is known for a healthy and active living woven across the charms of the multi-use, recreational Legacy Trail. This lifestyle anchor shall soon extend to more local communities and bring another boon to the value of many Sarasota homes for sale.

Ideal for walking, running, and biking, the Legacy Trail is set to be extended at a cost of $65-million. The extension project covers 7.5 miles starting south from Clark Road northward to Fruitville Road. Eventually, the trail will link with the Coon Key multi-use trail now being built for completion this year as a new pedestrian and biking route to St. Armands Circle.

The construction of the first phase of the Legacy Trail extension is scheduled to start and be finished this year. This initial extension will open a new trail segment from Proctor Road to Bahia Vista Street. The later stages of the trail extension will continue from Bahia Vista, curving west to Payne Park and proceeding onward to downtown Sarasota.

Crossroad Structures

Several structures will be built to complete the extension of the trail, formerly a section of the Seminole Gulf Railway corridor. In 2004, Sarasota County bought a 12.5-mile segment of the abandoned rail tracks from Palmer Ranch south to Venice. The county developed this stretch into the Legacy Trail and opened it to the public in 2008. Under the current extension project, another 8 miles to the north will be added to the trail.

The new structures set for the trail extension include two bridges over Philippi Creek. The Florida Department of Transportation will also construct two trail overpasses: one at Clark Road and another at Bee Ridge Road.

For the convenience of trail visitors, there will be new trailheads at Ashton Road, Webber Street and Tuttle Avenue near Fruitville Road. High-intensity crosswalk beacons will also be installed on major streets that the trail extension intersects, for safe and easy access.

The extended trail is expected to foster a stronger sense of community, linking residents and neighborhoods along its stretch. More locals, for instance, will be able to experience charming communities like Pinecraft, Sarasota’s Amish neighborhood featuring quaint shops and cuisine. The trail extension also opens the possibility of bringing in more visitors and new pep to places like Payne Park east of downtown Sarasota.

Alternative route for commuters

The Legacy Trail extension, projected to be fully completed by 2022, likewise looms as a popular transportation corridor to Sarasota workplaces and business centers. Notably, e-bikes have recently been allowed in the trail that will cover 20.2 miles when the extension is finished. It is estimated that more than 200,000 walkers, runners and bikers use the Legacy Trail annually.

A $65-million bond approved by Sarasota residents in a 2018 referendum is the main source of funding for the trail extension. Local fundraisers for the project have also been organized. One is the Tour de Parks, an annual event in the trail itself which reels off this March 22.

Keeping watch on local developments is part of Judy Kepecz-Hays team’s efforts to keep track of the elements that move the Sarasota real estate market. Contact or visit us if you’re buying or selling a local residence. We can help you unlock plenty of market opportunities.

Longboat Key Stays on Firm Market Footing in 2020

We count it as a blessing that our real estate market appears to have entered 2020 toward a new decade on a firm footing. Total sales figures for Sarasota and Manatee counties as of end-2019 were not only exceptionally strong. The robust market interest on local residential properties could also be expected to be sustained. This track seems evident as Sarasota and her islands again reaped high marks from lifestyle watchers recently.

It is notable that our town, Longboat Key, stood out prominently in one of these ratings on the top places to live in Florida. Compiled by the real estate research website HomeSnacks, this particular ranking for 2020 elevated Longboat to 10th place in the listing from its 13th ranking previously.

This research website in the last six years has been conducting “bite-sized” studies to help homebuyers compare what it’s like to live in different U.S. communities. Its studies factor in statistics and information from government agencies like the U.S. Census Bureau and the FBI.

The Island’s Strengths

Low unemployment rate and high incomes were among the factors cited in Longboat’s 2020 rating improvement. Longboat households’ median income was estimated at $104,825 which ranked 7th in Florida. On jobs, Longboat got the same 7th place ranking with its 2.6 percent unemployment rate. Weighed in too was the town’s median residential value of $720,700 which was at 6th in the top 10 cities in Florida to live in.

In other “bite-sized” studies of HomeSnacks, Longboat likewise figured prominently. The town was rated for 2020 as the 2nd wealthiest city in Florida, next only to Palm Beach. HomeSnacks also rated our town as the state’s 4th safest city to live in.

Speaking of safety, Longboat’s first-responder agencies—the police and fire departments—were awarded financial grants of more than $130,000 from the West Coast Inland Navigation District. The grants have been allocated for boat acquisition and the upgrade of related equipment for the marine-related services. Besides emergency response and removal of wrecked or abandoned watercraft, these tasks also include marine patrol and enforcement of boating regulations.

Town authorities have set even larger budget spending this year in projects promising to sustain Longboat’s status as one of the most desirable places to live in. One of these undertakings, slated to start early this year, is part of the town’s multimillion-dollar Comprehensive Beach Plan.

Bridges and Water Assets

It calls for the dredging of Canal 1A on Longboat’s northern end. Filling up with sand for years, the canal has become inaccessible to watercraft. Permitting with the U.S. Army Corps of Engineers is being worked out for the canal’s deepening estimated to cost as much as $1 million.

Just north of this canal, the Longboat Pass Bridge to Anna Maria Island is also notably undergoing rehabilitation at a cost of more than $2 million. A similar project south is being hatched this year for the rehab of the New Pass Bridge to St. Armands.

Besides these initiatives, Longboat’s local government has more plans to preserve and maintain the assets that make the town an ideal place to settle in. Our Judy Kepecz-Hays team certainly shall keep ourselves abreast of these developments, valuable information that we can share and discuss with you in a sale or purchase of real estate in Longboat Key.

How to Draw Buyers amidst a Slowing Economy

Every economic sector worldwide is now bracing for a significant slowdown due to the adverse impact of the Covid-19 pandemic. Residential property owners though can take some comfort in the intrinsic value of their holdings, as even during a downturn, demand from house buyers could still be expected.

Owners of residences in the U.S. planning to sell can also pin their hopes on finding buyers on the mortgage interest rates currently trending at historically low levels. A confidence-builder for buyers, the rock-bottom rates follow the recent moves of the Federal Reserve to mitigate the adverse economic effects of the Covid-19 pandemic.

Prospective residential property sellers can weather the current economic stress more successfully if they take purposive efforts to preserve or even add value to their houses. Here are some of the ways on how you can do this.

Improve energy efficiency

Your choices are plenty to improve the energy efficiency of your residence, and these options can start from the least expensive picks. For as low as $200, for example, you can install a smart thermostat in your house. This installation is a great come-on for buyers, as it is estimated that with this device, up to 23 percent reduction in heating and cooling costs could be achieved with a smart thermostat in place.

Replacing your old home appliances with new, energy-efficient models can likewise make your residential sales listing more appealing on the market. More buyers’ attention could also be generated by adding wall insulation and replacing old, leaky windows.

Undertake upgrades

Investing in upgrades, particularly in the bathrooms of your house, can further help bring buyer interest on it. Better results could be achieved from bathroom updates by creating more functional space and upgrading worn-out fixtures.

On average, you can expect to get back after the sale of your house between 50 percent and 65 percent of the money spent in a bathroom renovation. The market value of your residence can also get a boost from the replacement of old countertops and cabinets in your kitchen. Typically, money spent on kitchen improvements can add 5 percent to 15 percent to the value of your residence.

Decluttering and deep cleaning

Spring cleaning and decluttering is an inexpensive but effective approach to impress prospective buyers touring your residence for sale and justify the price tag on it. One industry survey claimed that over $4,000 could be added to the value of a sales listing that went through decluttering and deep cleaning.

There’s a side benefit too if you want to skip spending money and only allot time and effort to cleaning and decluttering. You can gather a donation pile for charities as you clean out the things you don’t want or need in your cabinets, closets, and drawers.

There are also a lot of other ways to enhance the value of your property if you own a condo residence. Amidst these trying times, you can consult our Judy Kepecz-Hays team for the best approaches whether you’re selling a single family house or a condominium property. In our over 40 years of experience in the real estate market, we have succeeded in handling its ups and downs. Our team is just a call or e-mail away to help you with a property sale or purchase.